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Revolut has announced the official launch of its branch in Italy, along with the launch of the Italian IBAN. Now the Italian customers of the financial super app can use Revolut as their main account.
Summary
Revolut: the official launch of the branch in Italy and the offer of an Italian IBAN
Revolut, the global financial super app, has officially announced its branch in Italy and the new possibility of being able to offer its customers the Italian IBAN.
In practice, the Italian branch of Revolut Bank UAB has successfully completed its initial tests, officially becoming an Italian bank. This Italian branch of Revolut Bank UAB is supervised by the Bank of Italy and the European Central Bank.
Thanks to this success, Revolut can now offer Italian IBANs (which start with IT) instead of Lithuanian ones (which start with LT).
The new customers of the global super app will receive their Italian IBAN directly upon opening their new account. All of the nearly 3 million Revolut customers, on the other hand, will be able to migrate to an Italian IBAN from January 2025.
In any case, customer deposits will continue to be covered up to €100,000 by the Deposit Guarantee Fund of the Bank of Lithuania.
The Italian IBAN will facilitate daily transactions and the use of Revolut, customers will be able to receive their salary and pay direct debits without complications
Revolut and the launch of the Italian IBAN: the goal is to grow in Italy
According to a study by Revolut, almost half of Italians (46%) consider a local IBAN essential when choosing a bank as their main account. With the new service, Italian users will be able to access global services through the Italian and local IBAN.
In this regard, Nicola Vicino, recently appointed General Manager of the Italian branch, states:
“This step makes the branch of Revolut Bank UAB in Italy a full-fledged bank in the country. Offering a current account with an Italian IBAN will facilitate daily transactions and the use of Revolut, making it much easier for customers to choose us as their main bank. Our Italian account can now be used to receive salaries and pay bills or direct debits without any friction. Additionally, the branch operates under the supervision of the Italian regulatory authority; while we are proud to be a global financial super-app, we do not overlook the importance of being locally relevant and compliant in Italy as in every market in which we operate”.
This innovation makes Revolut increasingly appealing to the Italian public, which already seems to position it at the top of various rankings.
In fact, only in 2024, Revolut was the most downloaded financial app in Italy, as well as the only bank among the 20 most downloaded apps like Instagram, TikTok, Amazon, ChatGPT.
The milestone of 50 million customers globally
Just last month, Revolut was celebrating its new milestone, which is having reached 50 million customers globally.
Revolut was launched in 2015, and it has expanded into as many as 38 markets, growing exponentially as the most downloaded app. In fact, in 2024, it seems that 10 million new customers have registered on Revolut.
In any case, this goal of reaching 50 million customers worldwide was set in March, when Revolut made a series of investments, launching new products and advertising campaigns.